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Mr. Ryan Sehroeder <br />September 6, 1996 <br />Page 2 <br /> <br />The combination of all of these delays has virtually made it impossible for <br />Johnson Holdings, Inc. to perform under the property development <br />agreement. I am, therefore, requesting that the City Council consider the <br />following remedy: <br /> <br />Johnson Holdings, Inc, will agree to perform under the reciprocal easement <br />agreement and the development agreement as set forth except for the <br />following modification: The present agreement contemplates a completion <br />date for the project of March of 1997 and Johnson Holdings, Inc. would <br />request that a completion date be set for August 1, 1997. If tl'fis is acceptable, <br />Johnson Holdings, Inc. will sign all outstanding agreements and withdraw its <br />request for a temporary site permit. <br /> <br />It would appear to be in every party's best interest to fashion an agreement <br />for the construction of a 2,500 square foot office building on the <br />contemplated site in the most cost-effective and realistic time frame as <br />possible. <br /> <br />Johnson Holdings, Inc. is w/lling to perform according to the terms of the <br />development agreement, reciprocal easement agreement and parking <br />agreement as proposed. We are, however, asking that the City modify the <br />development agreement to allow Johnson Holdings, Inc. ample time to <br />complete its project. <br /> <br />I trust this modification can be accomplished fairly easily, for the risk clearly <br />is on Johnson Holdings, Inc. to perform. <br /> <br />Yours very truly, <br /> <br />Kevin L. Johnson, <br />Executive Vice President <br /> <br /> <br />